Oil prices were headed for a weekly loss of more than 2% as concerns about a looming supply surplus outweigh geopolitical risks.
In early trading, Brent crude and WTI both fell 0.2% to $59.69 a barrel and $55.90 a barrel, respectively. Crude has fallen 20% this year on prospects of an impending global supply glut and subdued demand.
The benchmarks rose in the previous session on growing tensions between the U.S. and Venezuela after the Trump administration announced a blockade of all sanctioned tankers in or out of the country.
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